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November Continues Strong Results in a 'Great Year'

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HOUSTON, Dec. 12, 2012 (GLOBE NEWSWIRE) -- Financially, November was a good month and 2012 a "great year," Executive Director Len Waterworth said in his report to the Port Commission of the Port of Houston Authority at its regular monthly meeting Tuesday.

Before giving his financial report, Waterworth recognized two longtime executives who will retire at month's end: Jimmy Jamison, Senior Vice President of Operations, who joined the Port Authority in 1987 as Assistant Terminal Manager at Barbours Cut, and James Jackson, Senior Vice President of Engineering & Real Estate, who joined as Director of Facilities in 1995.

"The success we see today is because of contributions from employees such as these two individuals," Waterworth said.

The Port Authority received its 38th consecutive Certificate of Achievement for Excellence in Financial Reporting awarded by the Government Finance Officers Association of the United States and Canada for the Port Authority's 2011 Comprehensive Annual Financial Report. Waterworth recognized Controller Maxine Buckles and her team for their efforts.

In his monthly financial report, Waterworth said that total tonnage at Port Authority facilities (excluding bulk cargo associated with leased locations) was up by 104,000 tons or five percent for the month of November, compared to last year, while year-to-date tonnage continues to show solid growth of 1.8 million tons or 8 percent. This growth has been fueled primarily by steel, which for the year has increased by 1.2 million tons or 29 percent, compared to last year. General cargoes at Port Authority facilities have increased 86,000 tons or 3 percent for the year.

November operating revenues were $19 million, up by 12 percent over last year. Year-to-date Port Authority revenues of $205 million reflect an increase of 10 percent over 2011, led by steel tonnage, container revenues and dredge disposal fees. Waterworth noted that steel volumes are now softening and could continue at a slower pace in early 2013.

"November operating expenses are up by $1.5 million or 12 percent, which relates to new operations launch expenses associated with the two cruise lines to call the Bayport Cruise Terminal," he said.

Year-to-date operating expenses are down by $900,000 or 1 percent, he said. This brings the Port Authority's year-to-date net operating income to $22.4 million, up by $10.2 million or 84 percent from 2011.

During the meeting, representatives from the Baytown West Chambers County Economic Development Foundation, Galveston Bay Foundation, Houston Hispanic Chamber of Commerce and Pasadena Chamber of Commerce shared the latest news about their organizations and thanked the Port Authority for its support.

The full meeting agenda is available on the Port of Houston Authority website, www.portofhouston.com/the-port-commission/public-meetings/agendas.

About the Port of Houston Authority

For nearly 100 years, the Port of Houston Authority has owned or operated the public cargo-handling facilities of the Port of Houston – the nation's largest port for foreign waterborne tonnage. The port is an economic engine for the Houston region, the state of Texas and the nation. It supports the creation of more than one million statewide jobs and more than 2.1 million nationwide jobs, and the generation of economic activity totaling more than $178.5 billion in Texas and $499 billion across the nation. For more information, visit the Port Authority website at: www.portofhouston.com

The Port of Houston Authority logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=719

CONTACT: Bill Hensel, Manager, Corporate Communications Office: (713) 670-2893 Cell: (832) 452-5776 E-mail: bhensel@poha.com

Source:Port of Houston Authority